NIGERIA'S INFLATION RATE INCREASES TO 34.19% AS FOOD PRICES CONTINUE TO RISE
Nigeria's annual inflation rate rose to 34.19 percent in June 2024, up from 33.95 percent in May, driven by increasing food prices. The National Bureau of Statistics (NBS) reported that this figure is 0.24 percent higher than the previous month and the lowest rate this year was 29.90 percent in January.
Year-on-year, the headline inflation rate is 11.40 percent higher compared to June 2023's 22.79 percent. On a month-on-month basis, June's inflation was 2.31 percent, a 0.17 percent increase from May's 2.14 percent.
Food inflation in June 2024 surged to 40.87 percent year-on-year, 15.62 percent higher than June 2023's 25.25 percent.
Nigeria's annual inflation rate rose to 34.19 percent in June 2024, up from 33.95 percent in May, driven by increasing food prices. The National Bureau of Statistics (NBS) reported that this figure is 0.24 percent higher than the previous month and the lowest rate this year was 29.90 percent in January.
Year-on-year, the headline inflation rate is 11.40 percent higher compared to June 2023's 22.79 percent. On a month-on-month basis, June's inflation was 2.31 percent, a 0.17 percent increase from May's 2.14 percent.
Food inflation in June 2024 surged to 40.87 percent year-on-year, 15.62 percent higher than June 2023's 25.25 percent.